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Copper keeps making gains, all eyes on China

Bnamericas Published: Thursday, March 03, 2016
Copper keeps making gains, all eyes on China

The price of copper rose for the sixth consecutive trading day on Thursday in London, as solid macro figures out of the US and production cut announcements lent support to the red metal.

Spot copper closed 1.05% higher at US$4,830/t (US$2.191/lb) on the London Metal Exchange from Wednesday's US$4,780/t (US$2.168/lb), according to Chilean state copper commission Cochilco.

"As far as metals are concerned, most complexes are benefiting from constructive chart patterns and better macro numbers out of the US, coupled with increasing signs of production cutbacks," said INTL FCStone's Edward Meir.

"However, the rallies are approaching the point where all these variables are getting more than amply discounted. What's worse, should metal prices continue to move higher – or stay high – there will be less incentive for producers to cut back on supply and more incentive for those straddling the fence to keep producing."

Markets are also waiting for the start of China's National People's Congress on Saturday, which is likely to point to the next set of measures authorities will take to revamp the sluggish economy.

Aluminum closed up 0.4% at US$1,603.50/t and lead was 2.0% higher at US$1,831.50/t, while nickel rose 0.3% to US$8,785/t. Zinc was up 1.9% at US$1,831.50/t, tin was 1.8% higher at US$16,600/t and molybdenum was steady at US$12,200/t.

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